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Do You Need a Friend at the IRS?

If you need help dealing with the IRS, the Taxpayer Advocacy Service may be just the ticket. They’re really your only friend at the IRS.

Property Flipping Gains Deemed Ordinary Income, Not Capital Gains

Property flipping activities, while they may prove lucrative to some practitioners, may result in higher taxes than anticipated.

Getting a Transcript From the IRS

Often when dealing with an issue regarding a prior year’s tax return it is necessary to get a copy of the information that the IRS has on record for your return as filed.  Of course, you should always keep a copy of your original return, but in the absence of an original, the IRS’s record, known as a “transcript”, stands as the only way for you to have access to the filed information.  A couple of months ago the IRS sent around their Summertime Tax Tip 2012-18 which details how you can request and receive a transcript for a prior year’s return. The actual text of IRS Summertime Tax Tap 2012-18 follows: How to Get a Transcript or Copy of a Prior Year’s Tax Return from the IRS Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or […]